Vietnam is moving rapidly to regulate the cryptocurrency sector by restricting access to overseas trading platforms. According to a government document reviewed by Reuters, the Ministry of Finance is drafting rules that would ban Vietnamese citizens from trading on foreign exchanges such as Binance, OKX, and Bybit. This move aligns with a five-year pilot program designed to bring cryptocurrency trading under domestic supervision while limiting capital outflows.
Vietnam is one of the most active crypto markets globally. Chainalysis data reveals that Vietnamese users transacted over $200 billion in digital assets in the 12 months through June 2025, ranking fourth on the global adoption index. Crypto usage spans remittances, savings, and gaming, reflecting deep integration into daily financial activities. Authorities aim to strengthen oversight, reduce fraud risks, and retain transaction-related revenue within the domestic economy.
Domestic Licensing Race: High Barriers and Local Control
At least five firms have passed an initial qualification round for exchange licenses, including affiliates of Techcombank, VPBank, and LPBank, along with VIX Securities and Sun Group. The licensing regime sets a high bar: applicants must meet a minimum charter capital requirement of 10 trillion Vietnamese dong (roughly $400 million) and comply with strict standards covering governance, cybersecurity, and anti-money laundering controls. Foreign ownership is capped at 49%, signaling a preference for domestic control over key market infrastructure.
This regulatory effort builds on a legal shift that began in 2025, when Vietnam’s National Assembly passed the Law on Digital Technology Industry, recognizing crypto assets as property. While cryptocurrencies remain non-legal tender, this change established a foundation for regulated market development. Officials and industry representatives note that restricting offshore trading could redirect liquidity toward domestic platforms, though it may limit access to global markets.
Tax Framework and Future Outlook
Authorities are also considering a tax framework that could include a levy on crypto transactions conducted through licensed exchanges. Details remain under review as regulators finalize the structure of the pilot program. The first licensed exchanges could launch as early as March 2026. The pilot’s outcome is expected to shape Vietnam’s long-term approach to digital asset regulation and position the country within the broader Southeast Asian crypto market.